SOUTH BRITISH INSURANCE COMPANY.

Globe, Volume XXII, Issue 2070, 12 October 1880, Page 3

SOUTH BRITISH INSURANCE COMPANY.

[EBB PBEES ASSOCIATION SPECIAL WIEB, ] WELLINGTON, October 11.

The sixteenth half-yearly meeting of the South British Insurance Company was hold at 10 o’clock to day. The following is the report: —The directors have much pleasure in placing before the shareholders the following statement of accounts for the sixteenth halfyearly period of the Company’s business ended August 31st last. The income from fire and marine premiums has been £63,765 8a 8i ; from interest and transfer fees, £5278 0s 6d : total, £69,043 9s 2d, which added to £2343 3s sd, brought forward from previous ha year, makes a total of £71,386 12s 7d The total expenditure has been—Fire and marine losses paid and outstanding at the close of the books, £30,114 5s 3d; reinsurances, commissions, salaries, printing, and advertising, general charges, &c., £20,301 0s sd; leaving a balance of £11,971 6s lid to the credit of the profit and loss account, from which your Directors recommend the payment of a dividend at the rate of 10 per cent, per annum. If the proposed dividend is sanctioned by the shareholders, it will be payable at the head office on October 13th, and at the branches on receipt of advice. It will bo the duty of the shareholders to elect two Directors irf the place of the Hon. H. Chamberlain and P. Howard, Esq., who retire in accordance with the articles of the Association, but who are eligible and offer themselves for re-elootion,”

Captain Daldy, the chairman, in moving the adoption of the report said—l will endeavor, as concisely as possible, to compare the results of our business for the past half year with that of 1879. Tho increase in receipts of premiums is £7200. This is a large sum, but when wo remember the reduction in rates at many of our largo agencies, it represents a larger increase than that merely shown by the figures. At the same time the net increases and receipts are only £9OO over the reinsurances, being £6300 in excess of tho amount shown in August, 1879. This is occasioned by the policy your directors are carrying out of lessening the amount held in any single risk, both in marine and fire. For instance* we used to hold £SOOO, and sometimes £6OOO, on English ships. Our present limit is £4OOO, with a like reduction on other linos. On charges account there is a small increase of £3OO, arising mainly from the increase of business and tho efforts your directors are making for its extension. Insurance, like every other business, requires outlay to promote it in tho first instance. This has been the case with us in Victoria during the past year, where our business is extending, and I trust will bo a profitable one. Investments show a decrease of £SIOO, but this is mot by a decrease of £7900 in the Company’s liabilities. The interest in investments naturally shows a decrease by the reduction of investments. It is £560. In connection with this I am glad to inform you that our landed property is increasing in value and rents are improving. The amount paid in losses is £30,100, but this sum covers the large number of 300 policies. Our heaviest losses have been on 'first-class risks, such as the Calypso, Scottish Knight, and others. Mr John Lamb seconded the adoption of tho report, which was carried unanimously. The Hon. Mr Chamberlain and Mr Stroudo were elected directors. Votes of thanks to tho directors, officers and agents were unanimously carried, also to Mr A. Board man for his past services to the company.